4/18/2019 What are the different Types of Marine Policies Available in India?

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(https://securenow.in/insuropedia)/Marine Insurance
(https://securenow.in/insuropedia/category/marine-insurance/) /What are the di erent Types Company
of Marine Policies Available in India?

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Based on speci c requirements of the industry marine policies have been standardized under Mobile
following categories:

1. Cargo Insurance: Exclusively covers the cargo on the ship. It also covers the risk of Email
damage to objects owned by the voyagers of the ship.
2. Time Policy: This is marine insurance cover Select Product
(https://securenow.in/insuropedia/what-is-covered-under-marine-cargo-insurance)
for a limited period.
3. Valued Policy: The insurance cover is subject to cover provided for a pre-determined Submit
value. In the case of any mishap, your insurance policy will only reimburse subject to the
xed value.
4. Hull Insurance: It covers the torso and hull of the vessel. Also covered is a risk of
damage to various articles and furniture in the ship. It is insurance against the value of
ship loss.
5. Liability Insurance (part of Hull Insurance): Insurance compensation, in this case, is RSS
calculated based on the total liability of the insured. Suppose there is a ship accident or (https://www.quora.com/pro le/K
collision, whatever be the liability on the part of the insured linked to risk of such an
Mehta-2/answers/rss)QUORA ()
accident, is covered by your insurer.
6. Mixed Policy: Mix of time and voyage policy.
7. Unvalued Policy: Unlike valued policy, in this type of marine insurance policy
(https://securenow.in/marine-insurance) the exact insurance amount is calculated by Categories
inspecting the extent of the damage. The exact damage loss is assessed after the
accident.
General Insurance
8. Port Risk Policy: This is risk cover when the ship is stationed at the port.
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9. Floating Policy or Open Policy: Several shipments are covered under a single policy. A
xed sum is determined to cover multiple shipments, and the details of any shipments 19 insurance/)
are only declared afterwards.
10. Fleet Policy: Several ships belonging to a single owner are covered under one policy. Group Insurance
11. Block Policy: This insurance covers the cargo for every risk of land and water. The policy (https://securenow.in/insuropedia/cate
covers the cargo on Door to Door basis; i.e. from the pickup point of the seller to the 125 insurance/)
drop-o point for the buyer, even if it includes land transport in between or at either end.
12. Single Vessel Policy: Only one vessel is covered under this type on the marine insurance Individual Insurance
policy. (https://securenow.in/insuropedia/cate
13. Named Policy: In this type of marine insurance coverage, ships are covered under its
32 insurance/)
name. The name of the ship is mentioned in the insurance document.
14. Blanket Policy: Maximum protection amount is paid at the time of buying the policy. The
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amount is adjusted after compensation is paid.
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4/18/2019 What are the different Types of Marine Policies Available in India? - SecureNow
15. Composite Policy: Under this policy, each owner of the policy is accorded a xed sum. 2 simpli ed-sessions/)
One insurance policy has multiple owners, and their obligation classi ed legally.
Liability Insurance
Case on Marine Policies
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Raman Exports Pvt. Ltd. is involved in export of goods to European and Latin American 102 insurance/)
Countries. It’s estimated annual turnover is Rs. 500 cr. and thus based on this gure Raman
Exports uses an Annual Turnover Policy for safeguarding his interests. He has to bother about Marine Insurance
the policy document only once in a year. However the insurer uses his quarterly sales gures (https://securenow.in/insuropedia/cate
for forecasting the cover for the next quarter.
50 insurance/)
Shivalik Containers & Shipping Ltd. is a rm involved in packing and shipping operations.
Profession
They provide packing material and services for the exporters along with the shipment. Shivalik
Ltd. uses Marine Hull and Liability insurance policies to safeguard against any damages to the (https://securenow.in/insuropedia/cate
ship, loss of cargo or employee injuries. 13

Property Insurance
Parvati Diamond & Jewells Pvt. Ltd. is buying a dozen of diamond cutting machinery from a
German manufacturer. The rm’s workshop is based in Surat. Since this is the rst time the (https://securenow.in/insuropedia/cate
company will be importing the machinery, the owners have requested for a block policy cover 111 insurance/)
for the shipment, which will cover the goods until it reaches their workshop.

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De nitioner
Policy
"Policy" means this document of Policy describing the terms and conditions of this contract of insurance, including the company's covering
letter to the insured if any, the Schedule attached to and forming part of this Policy, the Insured's Proposer form and any applicable
endorsement thereon. The Policy contains details of the scope and extent of cover available to the Insured/Insured Person, the exclusions
from the scope of cover and the terms and conditions of the issue of the Policy. 
Insured
"Insured" means the individual who has a permanent place of residence in India and on whose name the Policy is issued. 
Accident
"Accident" means a sudden, unforeseen and unexpected physical event beyond the control of the Insured/Insured Person resulting in bodily
injury, caused by external, visible and violent means.

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